Oil revenue: Oil Trust Fund.

Existing law establishes rules for how revenue from oil and gas operations on the Long Beach tidelands is divided between the City of Long Beach and the State of California. Existing law establishes the Oil Trust Fund in the State Treasury and appropriates the moneys in the fund to the State Lands Commission commencing when specified requirements are met. Existing law requires the commission to expend the moneys in the fund to finance the costs of well abandonment, pipeline removal, facility removal, remediation, and other costs associated with removal of oil and gas facilities from the Long Beach tidelands that are not the responsibility of other parties. Existing law requires the Controller to transfer certain oil-revenue-related moneys to the fund, including, on the last day of each month beginning January 31, 2023, a transfer to the fund for the amount of $2,000,000 or 50% of remaining oil revenue from the City of Long Beach, as provided, whichever is less. This bill would instead require the Controller, on the last day of each month beginning January 31, 2025, to transfer to the fund the amount of $5,000,000 or 50% of remaining oil revenue from the City of Long Beach, whichever is greater, as provided. By increasing the amount of money that may be deposited into a continuously appropriated fund, this bill would make an appropriation. This bill would declare that it is to take effect immediately as an urgency statute.